Elliott Intensifies Standoff Over Toyota Industries Buyout

Elliott Investment Management said it continues to oppose the Toyota group’s proposal to buy out Toyota Industries Corp. at a ¥6.1 trillion ($39 billion) valuation, keeping up pressure on one of Japan’s most influential business groups after it refused to raise a tender offer.

The US activist investor, which held a 6.7% stake in Toyota Industries as of Jan. 15, said it maintains its position that the ¥18,800 per share revised tender offer “very significantly undervalues” the company.